Extension of tax cuts for wealthy still looming - KWWL - Eastern Iowa Breaking News, Weather, Closings

Extension of tax cuts for wealthy still looming

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WASHINGTON (AP) -- A top adviser to President Barack Obama says the White House objects to permanent tax cuts for the wealthy but is silent on the possibility of extending current tax rates for the short term.

Obama adviser David Axelrod says the president only wants to make permanent the tax cuts for the middle class that expire at the end of this year.  He urged Congress to resolve the tax-cut question during a lame-duck session of Congress.

Options facing Congress include extending middle-class tax cuts permanently while continuing tax cuts for the wealthy for only one or two years, or to adopt short-term extensions of all tax cuts.

 

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